Oil may reach $60 by year-end
KUWAIT: Kuwait’s oil minister expects crude prices to rise in the second half of 2015, possibly to $60 a barrel by year-end, local newspaper Al-Rai cited him as saying.
The recent rebound in oil prices was due to low supplies from high-cost producers and an improvement in the growth rates of the global economy, Oil Minister Ali Al-Omair told the paper.
 |
Iran fuel oil revenue up 30pc
DUBAI: Iran has earned $1.35 billion for selling more than 3 million tonnes of fuel oil in the 10 months to January 21, up 30 per cent in revenue from the same period of last year, oil ministry news website Shana cited an official as saying.
Iran is sidestepping the sanctions and using innovative methods to circumvent the restrictions, several Middle East-based trading sources say.
 |
Petrobras offshore explosion kills 3
RIO DE JANEIRO: At least three workers were killed and 10 injured by an explosion on an offshore oil and gas platform operated by state-run Petrobras, a disaster that could further hurt the reputation of a company struggling with a corruption scandal and safety concerns. With six workers still missing, the death toll is likely to rise.
QPIC posts $50m profit
KUWAIT: Kuwait’s Qurain Petrochemical Industries Company (QPIC) has announced a net profit of KD14.9 million ($ 50.4 million) for the nine months that ended December 31, an increase of 67 per cent over the KD8.9 million ($ 30.1 million) profit reported for the same period last year. The earnings per share (EPS) for the same period stood at 14.17 fils compared to 8.41 fils for the same period last year, said a company statement.
Katch Kan launches in Bahrain
MANAMA: Canadian oil and gas industry solution provider Katch Kan has launched its Middle East headquarters in Bahrain. Its top official said the company would have a 100-strong team to address ‘one of the wealthiest parts of the world with energy-related natural resources,’ said a report in the Gulf Daily News (GDN).
The company’s founder, president and chief executive Quinn Holtby said that Katch Kan’s range of solutions would help industry players prevent work-related injuries, improve operational productivity while protecting the environment.
